image 13 Jun 2017

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Credit Checks

Consumers underestimate the impact of credit scores, and a significant amount don't even know that credit scores are used by non-creditors.

Only half of consumers know that lenders are required to inform borrowers of their use of credit scores after a mortgage application, when not receiving the best terms on a loan, or whenever a consumer is denied a loan.

Not all consumers know which companies look at credit scores.

• 53% know that electric utilities may use credit scores

• 68% are aware that cell phone companies look at credit scores

• 66% know that credit scores may be used by home insurers

• 70% know that landlords check credit scores



Source:
Consumer Federation of America